Leading cryptocurrency exchange Binance is partnering with financial services giant Mastercard to bring a new crypto card to South America.
The two companies recently announced their plans to launch the “Binance Card” in Argentina sometime in the coming weeks.
Buenos Aires-based fintech Credencial Payments will issue the card, which aims to “bridge the gap between cryptocurrencies and everyday purchases,” according to a new Press release from Binance.
The new product will allow customers to buy goods and services and pay bills using digital details at more than 90 million Mastercard merchants worldwide. The card converts crypto assets directly into fiat currency at the time of purchase.
This isn’t the first time Mastercard has ventured into the world of crypto. In June, the company allowed users to directly buy non-tradable tokens (NFTs) using their credit cards without having to buy virtual assets first.
In January, Mastercard announced a partnership with leading US-based cryptocurrency exchange Coinbase, allowing users to purchase digital collectibles using their credit cards on Coinbase’s NFT marketplace.
Other credit card titans have also gotten in on the crypto action recently. In June, reports surfaced that American Express is working on launching its first credit card that offers crypto rewards.
In addition, Visa has partnered with at least 65 crypto platforms, including industry giants FTX, BlockFi, Crypto.com, Coinbase and Binance, enabling consumers to convert and use digital assets to pay for goods and services.
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